Icesave Fixed Rate Account FSCS Option

del1001

Will each fixed term account that you hold with Icesave be treated on an individual basis?

I've got 4 with them, 1 of which matured on 30th October (which I'd like to claim back electronically), but the 4th one doesn't mature till next November ( which would need to take the paper option), as I'd like to leave it until maturity.

Any thoughts on this..

noh

del1001 wrote: »

Will each fixed term account that you hold with Icesave be treated on an individual basis?

I've got 4 with them, 1 of which matured on 30th October (which I'd like to claim back electronically), but the 4th one doesn't mature till next November ( which would need to take the paper option), as I'd like to leave it until maturity.

Any thoughts on this..

See my previous post #28 in this thread.

Nigel

London05

I think I prefer to just take the money from my fixed rate accounts, 2 were maturing in November and two next April, I also don't want to be form filling just want to push the refund button. Enough admin and paperwork at work!!!

bryanb

narrowboat wrote: »

I believe the rate will be as originally declared and so would keep my Fixed rate accounts if they had a long time to run, but as it is mine is about to mature in 3 weeks so I will just take it all out when the process kicks in

Why not leave it to mature, then you won't lose the interest from 8 Oct till maturity?

david78

I have two fixed rate bonds that mature next year. I like the idea of filling in a form in the next month or so, sending it back to FSCS straight away, and then waiting for them to send me my money when the bonds mature. However, I have not read anything in an email or FAQ which says this is what they will do.

The way I read the email is this:

(1) I tick a box declining payment now with interest to 7th October. (I have a separate choice for each fixed rate account).

(2) The FSCS processes my request somehow. When the bond matures they send me a claim form to complete.

(3) I send the form back as soon as I can and within 6 weeks of them recieving it they send me a cheque for the value of the bond with interest (interest from opening to 7th October and additional interest from 8th October to the maturity date). Interest is calculated at the contracted interest rate, 6.7% in my case.

Now, I'm not to fussed about losing 6 weeks interest in a years time (when interest rates will probably be very low) so asking to make a paper claim seems like a sensible option. But I'm a tad worried that the FSCS may forget about my bonds and I might have a battle to prove my claim is valid when the time comes. I would be a lot happier if the FSCS would write to me to acknowledge that I have elected to make a paper claim.

What does everyone think.

bryanb

cos69 wrote: »

Interesting, I am in the same situation but still only received 1 email, nothing for my other half. I assumed it was because the email addresses for the 2 accounts were the same.

We had 2 last evening, they were in junk mail though.(same address)

qamwc1

david78 wrote: »

I

(2) The FSCS processes my request somehow. When the bond matures they send me a claim form to complete.


What does everyone think.

I don't read it that way - FSCS will send form now (i.e. soon after you have indicated so online) and you can send it back straight away.

There is no reason for them to hold back on sending the forms, if nothing else it delays you signing over the right to claim back the monies from Iceland etc.

david78

qamwc1 wrote: »

There is no reason for them to hold back on sending the forms, if nothing else it delays you signing over the right to claim back the monies from Iceland etc.

That is a very good point :T. But I am hope that confirmation of the process is available before I have to make the decision.

bryanb

qamwc1 wrote: »

I don't read it that way - FSCS will send form now (i.e. soon after you have indicated so online) and you can send it back straight away.

There is no reason for them to hold back on sending the forms, if nothing else it delays you signing over the right to claim back the monies from Iceland etc.

I agree, especially after reading "At that time" in FSCS FAQ's 32.

david78

bryanb wrote: »

I agree, especially after reading "At that time" in FSCS FAQ's 32.

No. It says "At that time, we will be notified that you wish to wait until the end of the fixed term and we will then send you an application form to complete ..."

So they will know your intentions straight away. But they have not made it very clear when the form will be sent out. The word "then" could match up with "at that time" or "the end of the fixed term".